Harmony Biosciences Holdings: Promising Growth Trajectory with Strong Leadership and Robust Pipeline Supports Buy RatingValuation and Risks. We assess Harmony using a discounted cash flow (DCF)- and sum-of-the-parts (SOTP)-based methodology. We assign probabilities of success to pitolisant GR in NT1, NT2, and IH of 60%, pitolisant HD in NT1, NT2, and IH of 60%, ZYN002 in FXN of 50%, (22q11.2 deletion) syndrome of 25%, EPX100 in Dravet syndrome of 80%, and EPX100 in Lennox-Gastaux syndrome of 80%. We employ a 12% discount rate and a terminal multiple of 6.0x. Taken together, these assumptions yield a total firm value of approximately $3.9B and price target of $70.